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Satisfactory Essays
DONNA JAMISON, A 1997 GRADUATE OF THE UNIVERSITY OF FLORIDA WITH FOUR YEARS OF BANKING EXPERIENCE, WAS RECENTLY BROUGHT IN AS ASSISTANT TO THE CHAIRMAN OF THE BOARD OF D’LEON INC., A SMALL FOOD PRODUCER THAT OPERATES IN NORTH FLORIDA AND WHOSE SPECIALTY IS HIGH-QUALITY PECAN AND OTHER NUT PRODUCTS SOLD IN THE SNACK-FOODS MARKET. D’LEON’S PRESIDENT, AL WATKINS, DECIDED IN 20x1 TO UNDERTAKE A MAJOR EXPANSION AND TO “GO NATIONAL” IN COMPETITION WITH FRITO-LAY, EAGLE, AND OTHER MAJOR SNACK-FOOD COMPANIES. WATKINS FELT THAT D’LEON’S PRODUCTS WERE OF A HIGHER QUALITY THAN THE COMPETITION’S, THAT THIS QUALITY DIFFERENTIAL WOULD ENABLE IT TO CHARGE A PREMIUM PRICE, AND THAT THE END RESULT WOULD BE GREATLY INCREASED SALES, PROFITS, AND STOCK PRICE.

THE COMPANY DOUBLED ITS PLANT CAPACITY, OPENED NEW SALES OFFICES OUTSIDE ITS HOME TERRITORY, AND LAUNCHED AN EXPENSIVE ADVERTISING CAMPAIGN. D’LEON’S RESULTS WERE NOT SATISFACTORY, TO PUT IT MILDLY. ITS BOARD OF DIRECTORS, WHICH CONSISTED OF ITS PRESIDENT AND VICE-PRESIDENT PLUS ITS MAJOR STOCKHOLDERS (WHO WERE ALL LOCAL BUSINESS PEOPLE), WAS MOST UPSET WHEN DIRECTORS LEARNED HOW THE EXPANSION WAS GOING. SUPPLIERS WERE BEING PAID LATE AND WERE UNHAPPY, AND THE BANK WAS COMPLAINING ABOUT THE DETERIORATING SITUATION AND THREATENING TO CUT OFF CREDIT. AS A RESULT, WATKINS WAS INFORMED THAT CHANGES WOULD HAVE TO BE MADE, AND QUICKLY, OR HE WOULD BE FIRED. ALSO, AT THE BOARD’S INSISTENCE DONNA JAMISON WAS BROUGHT IN AND GIVEN THE JOB OF ASSISTANT TO FRED CAMPO, A RETIRED BANKER WHO WAS D’LEON’S CHAIRMAN AND LARGEST STOCKHOLDER. CAMPO AGREED TO GIVE UP A FEW OF HIS GOLFING DAYS AND TO HELP NURSE THE COMPANY BACK TO HEALTH, WITH JAMISON’S HELP.

JAMISON BEGAN BY GATHERING THE FINANCIAL STATEMENTS AND OTHER DATA GIVEN IN TABLES 1, 2, 3, AND 4. ASSUME THAT YOU ARE JAMISON’S ASSISTANT, AND YOU MUST HELP HER ANSWER THE FOLLOWING QUESTIONS FOR CAMPO. (NOTE: PROVIDE CLEAR EXPLANATIONS, NOT JUST YES OR NO ANSWERS!)

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